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Exam prep for the ASIC financial adviser exam, the exam every new adviser must pass before the third quarter of their professional year. Practise exam-style questions on client scenarios across the three areas the exam covers equally: regulatory and legal obligations, applied ethical and professional reasoning, and financial advice construction. Then sit full timed mocks in the real shape: 70 questions in 3.5 hours, including 15 minutes' reading time.
Free: a two-minute diagnostic, Full Mock 1 and the first questions in every topic. Passes from A$59, one-off, no subscription. 700+ practice questions.
Independent, not affiliated with or endorsed by ASIC.
Since January 2024 the exam is multiple choice only, set mostly on client scenarios, with the statutory extracts supplied. So the practice is applied: read the client's situation, find the duty or the better advice, and know why the tempting answer is wrong.
Every question is checked against the source it cites before it goes live: the Corporations Act, the Code of Ethics, ASIC regulatory guides and the AML/CTF, Privacy and Tax Agent Services Acts.
Thresholds, caps and rates state the date they apply from and the section, standard or ASIC, ATO or AUSTRAC page behind them.
Not just right or wrong: why the answer is right, why the tempting options are wrong, and the trap the question sets.
At least 70 questions, split equally across three areas. The practice bank and every mock follow the same split.
Area 1
Corporations Act 2001 Chapter 7, the AML/CTF Act 2006, the Privacy Act 1988 and Subdivision 50-AA of the Tax Agent Services Act 2009.
Area 2
The Financial Planners and Advisers Code of Ethics 2019, ethical frameworks, the best interests duty, referral, file maintenance and biases in judgement.
Area 3
Suitability of advice for different retail client groups, consumer behaviour and decision making, risk tolerance, and spotting inappropriate advice and better alternatives.
Source: Corporations (Relevant Providers—Education and Training Standards) Determination 2021 ss2-40, 2-45 (as amended Jan 2024); ASIC Exam preparation guidance v6.0 (Sept 2026) and Exam policy (19 Dec 2025) (Dec 2025); ACER fae.acer.org, checked 12 Oct 2026. Format and reading list
Answer a question now, no sign-up. Each one is exam style with a worked explanation that names its source. The full sample set is on the sample questions page.
Priya is an authorised representative of only one AFS licensee, Harbour Wealth. Without Harbour Wealth's knowledge she recommends a product that is outside her written authorisation, and the client loses money. Which statement BEST describes Harbour Wealth's position as between it and the client?
One-off passes, no subscription: 1-month pass A$59 · One-sitting pass (4 months) A$119 · 12-month pass with resit cover A$179. Prices in Australian dollars.
Resit cover: on the 12-month pass, sit the exam while your pass is active and don't pass, and we add 90 days free.
The exam every new financial adviser (relevant provider) must pass under the Corporations Act. ASIC administers it and ACER delivers it online under remote proctoring. New entrants must pass before starting the third quarter of their professional year. It used to be called the FASEA exam.
At least 70 multiple-choice questions in 3.5 hours, including 15 minutes' reading time, split equally across three areas: regulatory and legal obligations, applied ethical and professional reasoning and communication, and financial advice construction. Most questions are set on client scenarios, statutory extracts are supplied, and no calculator is allowed. Source: ASIC and ACER, checked 12 October 2026.
ASIC does not publish a fixed mark. It sets the pass mark for each sitting by standard setting, at an overall credit grade (65–74%), and you are told pass or fail only. Our mocks report pass or fail against our own 70% practice line, which is not ASIC's mark.
No. Every question is original practice material written to the learning outcomes in ASIC's exam preparation guidance. We never copy exam questions or other providers' material. Each answer explains why, citing the section of the law, the Code of Ethics standard or the ASIC guidance behind it.
Every question in the bank, all four full timed mocks, the full study notes, and readiness tracking across the three exam areas.
A two-minute diagnostic, the first questions in every topic with worked explanations, Full Mock 1 in the exam's shape, and progress tracking, with a free account. The sample questions and a short timed mock need no account at all.
Next ASIC exam sitting
Thursday 5 November 202622 d 6 h 40 min
Booking closes 16 Oct 2026, 5 pm AEDT. Then 4 Mar 2027 (indicative). Sydney time; checked 12 Oct 2026 against ASIC and ACER.
Adviser Exam Prep is an independent study aid for candidates sitting the financial adviser exam. It is not affiliated with, endorsed by or connected to the Australian Securities and Investments Commission (ASIC), the exam's administrator or any AFS licensee. "ASIC" is used only to describe the exam. All questions are original practice material, not past or live exam questions, and nothing on this site is financial advice.
Adviser Exam Prep is an independent study aid for candidates sitting the financial adviser exam. It is not affiliated with, endorsed by or connected to the Australian Securities and Investments Commission (ASIC), the exam's administrator or any AFS licensee. "ASIC" is used only to describe the exam. All questions are original practice material, not past or live exam questions, and nothing on this site is financial advice.